COMAR 09.03.01.15. Maximum Loans to a Single Member

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Code of Maryland Regulations › Title 09 MARYLAND DEPARTMENT OF LABOR › Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION › Chapter 01 Credit Unions › COMAR 09.03.01.15

This text was captured on Aug 14, 2026. It is a snapshot, not a live feed, so check the official code before relying on it.

Text

The term “indirectly to any one member”, as used in Financial Institutions Article, §6-604, Annotated Code of Maryland , includes a loan or extension of credit made to any member who, acting directly or indirectly, individually or in concert with one or more other persons or entities, or through one or more subsidiaries:

A. Acts in a common enterprise;

B. Owns or controls any entity, or holds proxies for, or otherwise has power to vote, 10 percent or more of the voting shares, rights, or interests of any association or corporation; or

C. Controls in any manner the election or appointment of a majority of the directors of that association or corporation.

This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.